Section of Nextgen Mall set for auction over unpaid Loans
A part of NextGen Mall along Mombasa Road in Nairobi is set for auction after auctioneers came calling for an undisclosed loan.
The property located on the first floor will be sold to recover a loan becoming the latest business to go under the hammer as the effects of real estate saturation and a sluggish economy continue to bite.
Just last week, the Nairobi UpperHill Hotel was put up for auction to recover a debt owed to National Bank of Kenya.
Garam Investments has set the NextGen auction for February 18 at the firm’s offices in Westlands.
In a communication posted by the firm on Monday, noted it was under instruction from the mortgagee’s advocate to auction the property on the parcel of land registered in the name of Cresta Investments Ltd, together with the buildings and improvements erected therein.
“The property is situated along Mombasa Road and near Eka Hotel. It is identifiable as Nextgen Mall. The property is conveniently located along the busy Mombasa Highway in South B and within close proximity to the Southern Bypass and the City Centre,” read the notice in part.
The property attracts a monthly rent of Sh530,000, according to Garam.
At least 100 investors have bought space at the building, but have been fighting for some facilities such as parking which is limited.